Fiscal Responsibility and Debt Limitation Act, 2005

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THE FISCAL RESPONSIBILITY AND DEBT LIMITATION ACT, 
2005 
 
 
 
 
 
 
CONTENTS 
 
 
CHAPTER I 
 
PRELIMINARY 
1.  Short title, extent and commencement 
2.  Definitions 
CHAPTER II  
 
PRINCIPLES OF SOUND FISCAL AND 
DEBT MANAGEMENT 
3.  Principles of sound fiscal and debt management 
 
CHAPTER III 
 
ECONOMIC POLICY STATEMENTS 
4.  Economic policy statements to be laid before the National Assembly 
5.  The medium term budgetary statement 
6.  The fiscal policy statement 
7.  The debt policy statement 
7A. Medium-term national macro fiscal framework 
8.  Disclosure of policy decisions and other matters 
9.  Measures to enforce compliance 
10.  Statement of responsibility 
11. Measures for fiscal transparency 
 
 

 
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CHAPTER IV  
 
DEBT MANAGEMENT OFFICE  
12.  Establishment of Debt management office 
13.  Functions of the Office 
CHAPTER V  
 
MISCELLANEOUS PROVISIONS 
14.  Publication and access of statements 
15.  Indemnity 
16.  Application of other laws not barred 
17.  Power to make rules 
18. Removal of difficulties 
 
 
 
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THE FISCAL RESPONSIBILITY AND DEBT LIMITATION ACT, 2005 
 
ACT NO. VI OF 2005 
[13th June, 2005] 
1[An Act to provide for reduction of Federal fiscal deficit and ratio of public debt to gross domestic 
product to a prudent level by effective public debt management 
  WHEREAS it is expedient t o provide for reduction of Federal fiscal deficit and ratio of 
public debt to gross domestic product to a prudent level by effective debt management and for 
matters connected therewith and incidental thereto; 
 
 It is hereby enacted as follows:—] 
CHAPTER I 
PRELIMINARY 
 
  1. Short title, extent and commencement .—(1) This Act may be called the Fiscal 
Responsibility and Debt Limitation Act, 2005. 
(1) It extends to the whole of Pakistan. 
(2) It shall come into force at once. 
2. Definitions.—In the Act, unless there is anything repugnant in the subject or context,— 
(a)  “annual budget statement ” means the annual statement of the estimated 
receipts and expenditures of the Federal Government laid before the National 
Assembly under Article 80 of the Constitution  1[of the Islamic Republic of 
Pakistan]; 
(b)  1[* * * * * * *] 
2[(c)  “debt reduction path”  means the report on debt reduction path prepared with 
approval of the Federal Government;] 
2[(ca) “debt-to-GDP ratio”  means total public debt at the end of a financial y ear 
divided by gross domestic product during the same financial year;] 
(d)  “economic policy statements ” means the economic, fiscal and debt policy 
statements specified in sub-section (1) of section 4; 
(e)  “fiscal indicators” means the measures such as nu merical ratios and 
proportions to gross domestic product or revenues for evaluation of the fiscal 
position of the Government as may be prescribed; 
2[(f)  “guarantee” means a contingent financial liability undertaken by the 
Government to pay the financial liability of a third party in the event when the 
third-party defaults on that financial liability;]  
 
1Subs., ins. & omitted by Finance Act, 2016 (XXIX OF 2016), s.6 
2 Subs. and Ins. by Act No. XII of 2022, s.2. 
 
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1[(g)  “Minister” means the Federal Minister for Finance or any Minister entrusted 
with the responsibility for federal public finances by the Pr ime Minister of 
Pakistan;]  
1[(h)  “office” means the debt management office established under section 12;] 
 (i)  “prescribed” means, except where otherwise provided, prescribed by rules 
made under this Act; 
(j)  “principles of sound fiscal and debt management ” means the principles of 
sound fiscal and debt management specified in section 3; 
2[(k)  “Federal fiscal deficit” means the difference between total net revenue receipts 
and total expenditure of the Federal Government;] 
(1)  2[* * * * * * *] 
2[(m)  “total expenditure” means a sum of total recurrent expenditure, development 
expenditure and net lending of the Federal Government;] 
(n)  2[* * * * * * *] 
2[(o)  “total public debt” means the debt of the Government (including the Federal 
Government and the Provincial Governments) serviced out of the 
Consolidated Fund and debts owed to the International Monetary Fund;] 
 3[Explanation.—Total debt of the Government is public debt less accumulated 
deposits of the Federal and Provincial Governments with the banking system.] 
(p)  “total revenue” means a sum of tax revenues, non-tax revenues and surcharges 
of the Government 1[; and] 
2[(q) “total net revenue of Federal Go vernment” means a sum of tax revenues, non -
tax revenues and surcharges of the Government minus transfer of provincial 
share.] 
CHAPTER II  
 
PRINCIPLES OF SOUND FISCAL AND 
DEBT MANAGEMENT 
3. Principles of sound fiscal and debt management .— (1) Subject to sub -section (4), the 
Federal Government shall pursue its policy objectives in accordance with the principles of sound 
fiscal and debt management specified in sub-section (3). 
2[(2) The Federal Government shall take all appropriate measures to reduce the Feder al fiscal 
deficit excluding foreign grants and ratio of total public debt to gross domestic product and maintain 
it within prudent limits thereof.] 
 
1Subs. by Act No. XII of 2022, s.2. 
2Subs., omitted and added by Finance Amendment Act, 2016 (XXIX OF 2016), s.6. 
3Added by Finance Act, 2017 (XXVII OF 2017), s.5.  
 
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(3) In particular and without prejudice to the generality of the foregoing provisions, the 
following shall be the principles of sound fiscal and debt management, namely:— 
 
1[(a) limiting the Federa l fiscal deficit excluding foreign grants to four percent of 
gross domestic product during the three years, beginning from the financial 
year 2017-18 and maintaining it at a maximum of three and a half percent of 
the gross domestic product thereafter; 
 
 
 (b) ensuring that within a period of two financial years, beginning from the 
financial year 2016 -17, the total public debt shall be reduced to sixty percent 
of the estimated gross domestic product; 
 (c)  ensuring that within a period of five financial years , beginning from the 
financial year 2018-19 total public debt shall be reduced by 0.5 percent every 
year and from 2023 -24 and going up to financial year 2032 -33 a reduction of 
0.75 percent every year to reduce the total public debt to fifty percent of the 
estimated gross domestic product and thereafter maintaining it to fifty percent 
or less of the estimated gross domestic product; and]  
(d)  not issuing new guarantees, including those for rupee lending, bonds, rates of 
return, output purchase agreements an d all other claims and commitments that 
may be prescribed, from time to time, for an y amount exceeding two per cent  
of the estimated gross domestic product in any financial year: 
  Provided that the renewal of existing guarantees shall be considered as 
issuing a new guarantee 2[:] 
2[Provided further that the total stock of outsta nding guarantees shall 
not exceed ten percent of estimated GDP.  
Explanation.—  For the purpose of this clause, each guarantee shall be  valued 
at its risk -weighted value in accordan ce with a valuation methodology to be 
prescribed.] 
(4) The Federal Government may depart from the principles of sound fiscal and debt 
management on the ground or grounds of unforeseen demands on the finances of the Government 
2[****] as determined by the National Assembly, but when the Federal Government does so— 
(a) any such departure shall be temporary; and 
(b) the Minister shall, in accordance with the provisions of this Act, specify— 
(i)  the reasons for the Federal Government ’s departure from those 
principles; 
 
1Subs. by Finance Act, 2016 ((XXIX OF 2016), s.6. 
2Subs., added and omitted by Act No. XII of 2022, s.3. 
 
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(ii)  the approach or measures the Federal Government intends to take to 
return to those principles; and 
(iii)  the period of time that the F ederal Government expects to take to 
return to those principles. 
 
CHAPTER III 
 
ECONOMIC POLICY STATEMENTS 
4. Economic policy statements to be laid before the National Assembly.— (1) The Federal 
Government shall, in each year, cause to be laid before the Na tional Assembly, the following 
statements of economic, fiscal and debt policy, namely:__ 
(a)  the medium term budgetary statement; 
(b)  the fiscal policy statement; and 
(c)  the debt policy statement: 
    1[Provided that where the National Assembly is not in session, the 
statements may be laid in the next session even if it occurs after the end of the 
period specified in sub-section (2).] 
(2) The economic policy statements specified on sub -section (1) shall cause to be laid before 
the National Assembly by the end of the period specified in sections 5, 6 and 7. 
(3) The economic policy statements shall be in such form as may be prescribed from time to 
time by the Federal Government. 
5. The medium term  budgetary statement.—(1) The Federal Government shall inclu de a 
medium term budgetary statement, consistent with the principles of sound fiscal and debt 
management, in the annual budget statement to be laid before the National Assembly each year not 
later than the thirtieth day of June of each financial year. 
(2) The medium term budgetary statement shall set forth a three year rolling target for 
economic indicators. 
(3) In particular and without prejudice to the provisions contained in sub -section (2), the 
medium term budgetary statement shall, for the financial ye ar commencing on the first day of July 
and the two financial years following that financial year,__ 
(a)  indicate explicitly, by the use of ratios or other means the Federal Government ’s 
intentions regarding economic indicators including those specified in  sub-section (2) 
of section 6; and 
 
1Subs. by Finance Act, 2016 (XXIX OF 2016), s.6. 
 
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(b)  specify clearly key fiscal measures and risks that the Federal Government considers 
important and against which fiscal policy will be set and assessed. 
6. The fiscal policy statement.—(1) The Federal Government shall cause to be laid before 
the National Assembly the fiscal policy statement by the end of January each year. 
(2) The fiscal policy statement shall, inter alia, analyze the following key macroeconomic 
indicators, namely:— 
(a)  total expenditures; 
1[(b)  total net revenue receipts;] 
(c)  total fiscal deficit; 
1[(d)  total Federal fiscal deficit excluding foreign grants; and] 
(e)  total public debt. 
1[(f)  debt per capita.] 
 
 
(3) The Federal Government shall exp lain how fiscal indicators accord with the principles of 
sound fiscal and debt management. 
(4) The fiscal policy statement shall also contain— 
(a)  the key fiscal measures and rationale for any major deviation in fiscal 
measures pertaining to taxation, sub sidy, expenditure, administered pricing 
and borrowing; 
(b)  an update on key information regarding macroeconomic indicators; 
(c)  the strategic priorities of the Federal Government for the financial year in the 
fiscal area; 
(d)  the analysis to the fullest  extent possible of all policy decisions made by the 
Federal Government and all other circumstances that may have a material 
effect on meeting the targets for economic indicators for that fiscal year as 
specified in the medium term budgetary statement; and 
(e)  an evaluation as to how the current policies of the Federal Government are in 
conformity with the principles of sound fiscal and debt management and the 
targets set forth in the medium term budgetary statement in section 5. 
 
1Subs. and added by Finance Act, 2016 (XXIX OF 2016), s.6. 
 
 
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7. The debt policy statement.—(1) The Federal Government shall cause to be laid before the 
National Assembly, the debt policy statement by the end of January each year. 
(2) The purpose of the debt policy statement is to a llow the assessment of the Federal 
Government’s debt policies against the principles, of sound fiscal and debt management and the debt 
reduction path. 
(3) In particular and without prejudice to the provisions of sub -section (2) the debt policy 
statement shall, inter alia, contain__ 
(a)  assessment of the Federal Government ’s success or failure in meeting the 
targets of total public debt to estimated gross domestic product for any given 
year as specified in the debt reduction path; 
(b)  evaluations of external and domestic borrowing strategies and provide policy 
advice on these strategies; 
(c)  1[* * * * * * *] 
(d)  analysis of the foreign currency exposure of Pakistan’s external debt; 
1[(e)  consistent and authenticated information on public and external deb t and 
guarantees issued by the Federal Government;] 
 (f)  information of all loan agreements contracted, disbursements made thereof 
and repayments made thereon, if any, by the Government during the fiscal 
year; and 
(g)  analysis of trends in public debt an d external debt and steps taken to conform 
to the debt reduction path as well as suggestions for adjustments, if any, in the 
Federal Government’s overall debt strategy. 
2[7A. Medium -term national macro fiscal framework .__ (l) The Finance Division shall 
prepare medium -term national macro fiscal framework , covering aggregate fiscal projections 
specially revenues, expenditures and primary balances of the upcoming fiscal year and the two outer 
years in respect of Federal Government, Provincial Governments and o ther areas of Pakistan; which 
shall be presented not later than the l5th day of March of the ongoing fiscal year to the National 
Finance Commission (NFC) Monitoring Committee.  
(2) The approved medium term national macro fiscal framework shall be published  in the 
budget strategy papers and annual budget statements of the Federal, Provincial and other 
governments as part of their budget documents.] 
 
 
1Omitted and subs. by Finance Act, 2016 (XXIX OF 2016), s.6. 
2Added by Act No. XII of 2022, s.4. 
 
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8. Disclosure of policy decisions and other matters.—(1) Subject to sub -section (3), every 
economic policy statement prepared under this Act shall incorporate to the fullest extent possible all 
Federal Government decisions and all other circumstances that may have a m aterial effect on the 
fiscal and economic situation of the country. 
(2) Where the fiscal implications of Federal Government decisions and other circumstances 
referred to in sub -section (1) can be quantified for particular years with reasonable certainty by  the 
day on which the statements are finalized, the quantified fiscal implications of those Government 
decisions and other circumstances shall be incorporated in the statements. 
(3) Nothing in sub -sections (1) and (2) shall apply to a decision or circumsta nce where the 
Minister determines that to incorporate that decision or circumstance in an economic policy 
statement is likely to— 
(a)  prejudice the substantial economic interests of Pakistan; 
(b)  prejudice the security or defence of Pakistan or its international relations; 
(c)  compromise the Federal Government in a material way in negotiation, 
litigation or commercial activity; or 
(d)  result in material loss of value to the Federal Government, 
and there is no reasonable or prudent way the Federal Govern ment can avoid this prejudice, 
compromise or material loss. 
9. Measures to enforce compliance.—Notwithstanding anything in sub -section (4) of 
section 3, if the Federal Government continuously fails to meet the target of debt to gross domestic 
product ratio specified in the debt reduction path for any given year over the period of two financial 
years starting from the first statement which indicates the failure of the Federal Government in 
meeting the prescribed target, the Federal Government shall take all necessary measures including 
the curtailment of the sums authoris ed to be paid and applied from, and out of , the Federal 
Consolidated Fund to return to the debt reduction path latest by the end of the next two financial 
years: 
1[Provided that nothing in this section shall apply to the expenditure charged upon the Federal 
Consolidated Fund.] 
10. Statement of responsibility .—(1) 1[Every statement prepared under sections 5, 6 and 7 
shall include—] 
(a)  a statement by the Minister that all policy decisions with  material economic or 
fiscal implications that the Federal Government has made before the day on 
which the contents of the economic policy statements were finalized and all  
other circumstances with material economic or fiscal implications of which the 
Minister was aware before that day have been communicated to the Secretary 
of Finance; and 
1Subs. by Finance Amendment Act, 2016 (XXIX OF 2016), s.6.  
 
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 (b)  a statement by the Secretary of Finance that the Ministry has supplied to the 
Minister, using its best professional judgment on the basis of economic and 
fiscal information available to it before the day on which the contents of the 
economic policy statements were finalized, an economic and fiscal statement 
incorporating the fiscal and economic implications  of those decisions and 
circumstances, but any decisions or circumstances that the Minister has 
determined under sub-section (3) of section 8 shall not be incorporated in that 
economic policy statement. 
(2)  1[The statement under clause (a) of sub-section (1) shall additionally provide for–] 
(a)  the integrity of the disclosures contained in the economic policy statements; 
(b)  the consistency with the requirements of this Act of the information contained 
in the economic policy statements; and 
(c)  the omission from the economic policy statement of any decision or 
circumstance specified in subsection (3) of section 8. 
11. Measures for fiscal transparency .—(1) The Federal Government shall take appropriate 
measures to ensure greater transparency in its fiscal operations in public interest and minimize, as far 
as practicable, secrecy in the preparation of the annual budget.  
(2) In particular and without prejudice to the generality of the provisions of sub -section (1), 
the Federal Government shall, at the time of presentation of annual budget, disclose in a statement as 
may be prescribed,— 
(a)  the significant changes in the accounting standards, definitions, policies and 
practices affecting , or likely to affect, the computation of prescribed fiscal 
indicators; and 
(b)  as far as practicable and consistent with protection of public interest, all 
guarantees including those for rupee lending, bonds, rates of return, output 
purchase agreement, exchange risk, claims, and commitments made by the 
Federal Government havi ng potential budgetary implications, including 
revenue demands raised but not realized and liability in respect of major works 
and contracts. 
2[CHAPTER – IV  
 
DEBT MANAGEMENT OFFICE]  
 
2[12. Establishment of the Debt management office.__ (l) Within sixty days of the 
commencement of the Fiscal Responsibility and Debt Limitation (Amendment) Act, 2022, the 
Federal Government shall, by notification in the official Gazette, establish an office to  be known as 
debt management off ice, consisting of 3[executives including a director general and as many 
directors  as may be determined by the committee ref erred to in sub -section (5) ]. Directors shall 
report to the director general and the director general shall report to the Secretary, Finance Division. 
 
 
1Subs. by Finance Amendment Act, 2016 (XXIX OF 2016), s.6. 
2 Subs. by Act No. XII of 2022, ss. 5 and 6. 
3Subs. by Act No. XLI of 2026, s. 2. 
 
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 1[(2) The director general and the directors shall be appointed on contract basis for a term of 
three years on the basis of el igibly criteria including academic, professional qualifications and 
experience as may be prescribed. The contract may be extended subject to performance evaluation:] 
Provided that an individual shall not hold off ice of director general or director for 
more than three consecutive terms. 
(3) The director general or a director may be removed  from office  by the  Federal 
Government, if – 
 (a)  on an inquiry,  made in the prescribed manner, he is found incapable of 
performing the functions of his office by reason o f mental or physical 
incapacity or has been found guilty of misconduct; or  
(b)  on the basis of performance evaluation carried out by a committee consisting 
of Finance Minister and Finance Secretary, it is concluded that his services are 
no longer required and his contract needs to be terminated.  
(4) The terms and conditions of service of the director general and directors of the Office 
shall be such as may be prescribed. 
(5) The size, organizational a nd governance structure, terms and conditions of servi ce of the 
staff including senior managem ent, performance evaluation, fra mework budget and all other matters 
incidental to the functioning of the office shall be as may be prescribed. The committee consisting of 
the Finance Minister and the Finance Secretar y shall have the powers to make policies for effective 
functioning of the office.] 
13. Functions of the Office.—(1) The Office shall perform such functions as are specified in 
sub-section (2) or as may be prescribed from time to time. 
(2) Without prejudice to the generality of the foregoing provision, the Office shall— 
2[(a)  prepare medium -term debt management strategy, in consultation with the 
relevant stakeholders and finalize with prior approval of Minister of Finance, 
in-line with the medium term budgetary framework;] 
(b)  monitor and evaluate external and domestic borrowing strategies and provide 
policy advice on an appropriate mix of external borrowing from all sources; 
(c)  monitor the nominal and real costs of external and domestic borrowing and 
suggest ways to contain these costs; 
(d)  analyze the foreign currency exposure of Pakistan ’s external debt, including 
foreign exchange obligations to residents and providing a framework for 
foreign exchange risk management; 
1Subs. by Act No. XLI of 2026, s. 2. 
2 Subs. by Act No. XII of 2022, s. 7. 
 
 
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(e)  provide consistent and authenticated information on public and external debt 
and Government guarantees including total guarantees outstanding; 
(f)  prepare a debt policy statement on an annual basis on trends in public and 
external debt and implementing adopted debt reduction goals as well as 
suggesting adjustments in the Federal Government’s overall debt strategy; 
 (g)  provide leadership on debt data questions and ensure compliance with agreed 
reporting requirements; 1[*] 
1[(h)  maintain consistent and authenticated record of public debt and Government 
guarantees office may, outsource the record keeping function of any segment 
of public debt to other Government agencies such as State Bank of Pakistan, 
Central Directorate of National Savings, Economic Affairs Division etc. for 
reasons of efficiency and practicality. Such outsourcing arrangements, if any, 
shall be made through service level agreements between the office and the 
corresponding agency clearly identi fying the roles and responsibilities of the 
panties;] 
1[(i)  prepare animal debt review  containing analysis of the debt  management 
operations during the last completed financial year and assessment of the 
progress against the medium -term debt management st rategy in-line with the 
long-term priorities of the Federal  Government. The review shall be prepared 
in consultation with the relevant stakeholders and finalized with prior approval 
of Finance Secretary  and published within three mont hs of the close office  
financial year; 
(j)  prepare annual borrowing plan , in consultation with the relevant stakeholders 
and finalize with prior approval of the Federal Government , in line with the 
medium-term debt strategy. The plan shall be published along with the budget 
documents; 
(k)  raise domestic debt through domestic government securities, bank loans or any 
other domestic borrowing instruments oth er than those issued by the Cen tral 
Directorate of National Savings (CDNS); 
(l)  formulate and implement  a process for raisi ng domestic debt throu gh public 
auctions of domestic g overnment securities. The process shall include  the 
setting of auction targets, conducting the auctions and ma king and executing 
the borro wing d ecisions such as the borrowing rates, amount of borr owing 
through various instruments and other incidental matters. T he process shall be 
finalized and modified from time to time, if necessary, with prior approval of 
Finance Secretary; 
 
1 Omitted, subs. and added by Act No. XII of 2022, s. 7. 
 
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(m)  formulate guidelines, in consult ation with the relevant  stakeholders and issue 
with the pr ior approval of Finance Secretary, for CDNS or any other 
government agency engaged in domestic borrowings; 
(n)  raise external debt through commercial sources including debt securiti es such 
as bonds, sukuks, bank loans or any other commercial borrowing instruments; 
(o)  coordinate with the external  finance wing of the Finance Division to record 
and analyze any debt raised for balance of payments; 
(p)  coordinate with Economic Affairs Division in raising ex ternal deb t through 
multilateral and bilat eral sources and p rovide advice to Economic Affair  
Division on financial terms and conditions, debt  recording or any other matter 
pertaining to external debt; 
(q)  propose policy guidelines to  Finance Division and Economic Affairs Division 
regarding raising of external debt through multilateral and bilateral sources; 
(r)  prepare a comprehensive debt bulletin containing information regarding debt 
stock, debt operations during the period under c onsideration the sources of 
change in debt stock on semi -annual basis, The debt bulletin shall  be finalized 
with prior approval of Finance Secretary and published within three months of 
the close or each quarter; 
(s)  preparation and i mplementation of proc ess, prepar ed in consultation with 
relevant stakeholders and finalized with  prior approval of th e Federal 
Government, fo r issuance, management , valuation, budgeting, finding, 
allocation, monitoring of government g uarantees including the guarantees 
relating to public private partnerships; 
(t)  advise the Finance Division in evaluation of requests for government 
guarantees made by state owned entities; 
(u)  act as custodian of all guarantee s issued by the Federal Government in terms 
of recording and analysis; and 
(v)  act as the investor relations office of Finance Division in matters pertaining to 
public debt including communication of debt management strategy to financial 
market participants; obtaining the feedback of the participants re garding the 
debt mana gement strategy, modification of existing debt instruments, 
introduction of new debt instruments etc.;  and responding to queries of the 
participants without disclosing confidential information.] 
(3) 1[*  * * * * * *] 
 
 
1Omitted by Finance Act, 2016 (XXIX OF 2016), s.6. 
 
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CHAPTER V  
 
MISCELLANEOUS PROVISIONS 
14. Publication and access of statements .—(1) The 1[Federal Government] shall, in respect 
of every economic policy statement referred to in section 4, arrange for publication in the official 
Gazette a notice- 
(a)  indicating, where the statement is published in advance of being laid before 
the National Assembly, that the statement has been published; and 
  (b)  specifying a place at which copies of the statement are available for public 
  free of charge. 
1[(2) The statement published under sub -section (1) shall, within fifteen days of the 
publication, be posted on website of the Federal Government.] 
15. Indemnity.—No suit, prosecution or other legal proceedings shall lie against the Federal 
Government or any office of the Government for anything which is in good faith done or intended to 
be done under this Act or the Rules made thereunder. 
16. Application of other laws not barred.—The provisions of this Act shall be in addition , 
to and not in derogation of, any other law for the time being in force. 
17. Power to make rules.— (1) The Federal Government may, by notification in the Official 
Gazette, make rules for carrying out the purposes of this Act. 
(2) In particular and without prejudice to the generality of the foregoing power, such rules 
may provide for all, or any of, the following matters, namely:— 
(a)  the forms of all the economic policy statements specified in section 4; 
(b)  the smooth functioning of the Office; and 
(c)  any other matter which is required to be, or may be, prescribed. 
18. Removal of difficulties.—If any difficulty arises in giving effect to the provisiortis of the 
Act, the Federal Government may , by an Order published in the O fficial Gazette, make such 
provisions not inconsistent with t he provisions of the Act, as may appear to be necessary for 
removing the difficulty: 
Provided that no Order shall be made under this section after the expiry of two years from the 
commencement of this Act. 
(2) Every Order made under subsection (1) shall, a s soon as may be, cause to be laid before 
the National Assembly. 
 
1Subs. by Finance Act, 2016 (XXIX OF 2016), s.6.123445  D 
          RGN Dated 03-07-2026